Australia: Opened consultation on Exposure Draft increasing penalties for anti-competitive conduct

On 18 August 2022, the Australian Treasury opened a consultation on an Exposure Draft increasing the penalties for economic actors that engage in anti-competitive conduct. The proposed amendments would change Part IV of the Competition and Consumer Act 2010 (CCA) and the Australian Consumer Law (ACL). The provisions in the Draft would raise the maximum pecuniary penalty in the following ways: (i) from USD 10 million to USD 50 million; (ii) from 10 per cent of a corporation's annual turnover to 30 per cent of turnover over the period the breach occurred, and (iii) raise the maximum penalty for an individual from USD 500,000 to USD 2.5 million. Such provisions would also apply to the Part IVBA of the News Media and Digital Platforms Mandatory Bargaining Code.